5 Sneaky Ways the Government Takes Retirees’ Money
Federal and state governments quietly lay claim to your cash in ways you might not expect.
Federal and state governments quietly lay claim to your cash in ways you might not expect.
Uncle Sam could take a hefty chunk of your retirement income for this year if you botch this.
If you have never heard of a deferred income annuity, get ready, because youâll probably be hearing a lot about them in the near future. And honestly, you should want to! Deferred income annuities address a major weakness that is a part of current tax-deferred retirement plans, such as 401(k)s: what to do with your retirement plan […]
The post Will the Deferred Income Annuity Save Your 401k? appeared first on Good Financial Cents®.
Welcome to another Ask GFC! If you have a question that you want answered you can ask it here. If your questions get featured on GFC TV or the GFC Podcast, you are the lucky recipient of a copy of my best selling book, Soldier of Finance, and a $50 Amazon gift card. So what […]
The post Ask GFC 005: Do Tax-Deferred Accounts Make Sense if Tax Rates Will be Higher? appeared first on Good Financial Cents®.
My old college roommate lost his younger brother to cancer and left my roommate as the beneficiary on his retirement account. When I heard the news, I was in disbelief. There’s no way that someone so young could pass away, could they? I had heard that my former college roommate’s younger brother was sick, but […]
The post Non-Spouse IRA Beneficiary Rules – Avoid These Costly Mistakes appeared first on Good Financial Cents®.
If you have read my posts on annuities in the past, you know that I’m not really a big fan of them. But deferred income annuities are an exception. They provide safety of principal, reliable investment returns, and an income for life â all of which is a hard combination to beat anywhere else. In […]
The post Deferred Income Annuities – How to Never Outlive Your Money appeared first on Good Financial Cents®.
RMDs and associated taxes can eat into your savings. Here are smart ways to help minimize taxes.
Retirement means leaving many things behind. Unfortunately, taxes arenât one of them. Taxes in retirement can be complicated. You might be drawing income from multiple sources, including 401(k) distributions, Social Security, interest from a savings account, a pension or even a part-time job. When tax time rolls around, figuring out how much you owe can […]
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If youâre approaching retirement age, you have a lot to think about. Focusing on limiting your tax liability can be especially valuable. After all, the more taxes you pay in retirement, the less money youâll have to live off. If ⦠Continue reading â
The post 5 Ways to Reduce Tax Liability in Retirement appeared first on SmartAsset Blog.
Conventional logic says you should delay withdrawals from your tax-deferred retirement accounts as long as possible to maximize the tax-free compounding that can increase the size of your overall nest egg. But the IRS wonât wait forever to get its ⦠Continue reading â
The post You Can Now Delay RMDs But Think Twice Before You Do appeared first on SmartAsset Blog.